The Market Structure Map
July 10, 2024
It’s worth stopping whatever you’re doing and observing what’s occurring on the planet. In South Africa, the African National Congress is out for the first time. Prime Minister Modi took a stunning Indian electoral shellacking. A wild-haired libertarian is disrupting Argentina. German incumbents wilted in...
June 12, 2024
High-frequency traders are data-dependent. The Federal Reserve ought not be. I’ll explain. The U.S. central bank today concludes its open-market (FOMC) meeting. Jay Powell speaks. Before I go further: join the ModernIR webinar today on Leveraging your Treasury for Sellside Coverage. It’s genius. Not because...
May 22, 2024
It’s tough being a market strategist. Mike Wilson, chief equity strategist for Morgan Stanley, has thrown his bear towel on the laundry pile and lifted his year-end target for the S&P 500 to 5,400 from 4,500. He’ll be braining himself with a brick if the...
May 1, 2024
The cost of fast food has exploded. No, I’m not doing field research. While I’ve got nothing against fast food, it’s generally incompatible with getting in boat shape (ever harder as I get older), riding bikes, skiing, etc. And I’d rather take my empty calories...
March 20, 2024
I was walking up Steamboat Springs’s Emerald Mountain with my friend Charlie last week and he said, “Trading volatility is like trading air.” Charlie was a hedge-fund guy. He knows. Coincidentally, new VIX volatility options trade today. Since everyone has been selling volatility, don’t be...
November 29, 2023
It’s the 159th anniversary – without fanfare – of the Sand Creek Massacre in southeastern Colorado. Karen once accompanied me out to Lamar and up highway 385 to Chivington (named for the guy behind the massacre), and nine miles out a dirt road to the...